Global snacks manufacturer Mondelēz International has released its Q3 results, finding net revenues in Europe up by 7.7%.
Net revenues increased 1.9% on the year to reach $9.2 billion. In its Europe division, net revenues increased by 7.7% to reach $3.3 billion.
Mondelēz reached a global gross profit of $2.99 billion in Q3 2024, and its operating income was $1.1 billion.
It said its gross profit had decreased by $495 million driven by “unfavourable year-over-year change”, and attributed an increased adjusted gross profit to higher pricing and lower manufacturing costs “driven by productivity, partially offset by higher raw material and transportation costs”.
Outlook
Mondelēz said it expects its organic net revenue growth to be at the upper end of 3-5% for 2024, but estimated that currency translation would decrease 2024 net revenue growth by approximately 1.5%.
Dirk Van de Put, chair and CEO of Mondelēz, said: “We posted robust results for Q3, with accelerated top-line growth, strong earnings and attractive cash flow generation. These results were driven by our commitment to executing with excellence across our categories, markets and brands.
“We remain focused on reinvesting behind our brands, driving distribution, expanding our capabilities and maintaining cost discipline. We continue working to accelerate our core business while strategically reshaping our portfolio – for example, through our expanded partnership with Evirth, a leading manufacturer of cakes and pastries in China. We are excited about the opportunity to further leverage our iconic brands and distribution to create more premium offerings in the fast-growing cakes and pastries space.”
